The Portland daily press., 1887-10-21
The Liabilities Estimates at $780,
600, and Assets Unknown.
Hon. Alfred Woodman and Hon.
Hiram Knowlton Assignees.

- zap Va bhunuei hdu COME out Oh clear
sky the business public could not have been
more astonished than when they heard yester-
day that the extensive wholesale dry goods
jobbing house IF Woodman, True & Co. had
suspended payment and made an assign
ment The news flew through the city like
hghtnlng and many were the surmises of the
causes leading to the event. sa
A reporter fer the PRESS Immediately
called on Hon. George w. Woodman, the
senior partner and was cordially received,
Mr.. Woodman Immediately confirming the
news but regretting his inability to furnish
any further information. He, however,
stated that the firm had assigned to Hon.
Alfred Wooodman, and also to Hon. Hiram
Knowlton.
Mr.. Knowlton, Upon being seen, stated
that yesterday noon the firm suspended pay
ment and assigned to himself and to Mr..
Woodman. The liabilities win probably not
exceed $35o,0OO AT present it is simply i'm
possible to state the amount of the assets.
The account of stock and of the assets will
be made in few days, or as soon as 1t can
properly be done. and then the exact state of
things win be known. The firm has con-
veyed to the assignees, in trust, equally for
the benefit Of all their creditors, the entire
company aud individual property, both per-
sonal and real
The cause of their suspension was the ma
turing of their paper which they had not
time to meet. and the funds to pay which
they didn't feel authorized to obtain. The
heaviest creditors are Philadelphia, New
York and Boston parties. Mr.. Knowlton
did not think the liabilities here would be
heavy. The firm bank with the Canal
Hon. b. ID. Verrill is the attorney for the
Canal bank and also for the firm. Mr. AL
fred Wooodnan, who is one of the assignees,
Is one of the heaviest creditors, to how large
an extent is not named. Such was Mr..
Knowlton's statement
The firm of Woodman. True & Co. is one
of the Oldest in the city. Before the present
firm was started, the old concern did bust
ness in what was known as the Exchange.
where the post Office now stands Later,
business was carried on in the Free street
block. For forty-six ears Hon. George w.
Woodman has been in business In Portland
In 1850, tue present firm was founded, and
consists of Mr.. Woodman, Mr.. Seth b. Her
sey and Mr.. W. G. Webster. After the fire.
the firm built the large block on the corner
of Middle and Pearl streets, which they ow
occupy. The building is said to be mortgage
ed for $4,000 The value of stock on hand
is placed at from 100000 to $4,000. Mr..
Woodman's beautiful estate, corner of Pine
and Vaughan streets, is valued at some S40,-
600. This property, it is understood, is also
mortgage1.
1t was not until yesterday morning that
the firm considered that it would be inadvis-
able to attempt to keep on. They therefore
called in Mr.. Verrill, and showed their &C.
counts, and then the assignees were appoint.
ed. Letters were sent to the creditors by
the noon mail, announcing the assignment.
In conversation with gentleman, last
evening, well up in financial matters, he
said that Woodman, True q Co. would have
the greatest sympathy on the part of the
business men. Mr.. Woodman and his part
ners, he said, were high-minded, honorable
business men, Some twelve years ago the
firm was in rather embarrassed crcum-
stances and no doubt, if so inclined, they
might have failed and made money by, it.,
but Mr. Woodman determined he would not
fail and would work the house onto strong
business footing, and he succeeded. The
firm, said the gentleman, have always been
liked by their eastern trade. Their methods
OF doing business are of the best kind, and
no firm in Portland presents it bank business
in better shape. For years they have banked
with the Canal National, and / understand
they were considered among the banks best
customers. Their paper was always readily
taken, and the manner in which it was cared
for, entitled the firm to the respect of every
one. Mr.. Hersey is splendid accountant
none better in the city, and keen, saga
cious man. You ask me how such firm
could fail. Well, that's question not
easily answered But should say that 1t is
probable that the great competition in the
business. with small profits, the fact that
rival firms with younger men and newer
methods push each other hard, and the fact
that the great building they occupy must
have always been more or less of an incu-
bus, all these things combined produced It,
Mr.. Woodman has always been alive to
the interests of Portland. He is an expires
ident of the Board of Trade, and has repre-
scented the city in the upper branch of the
Legislature.